Alba Mineral Resources PLC (LON:ALBA) nudged higher in mid-morning trading on Thursday after it received the testwork results from the maiden drilling campaign at its Thule Black Sands project in north-west Greenland.
The AIM-quoted company collected drill samples along the 10km stretch of coastline and sent them off to a laboratory for testing.
The results showed that all the samples contained ilmenite – the main source of titanium oxide, which is used as a white colouring in everything from paint to foods to sunscreens.
The weighted average total heavy mineral (THM) content, which includes other minerals such as zircon, rutile and leucoxene, was 45.4%.
Alba said that “compares well” with the weighted average THM% of 46.7% from the 2017 sampling programme, which involved a far shorter field campaign and the taking of fewer samples.
“These testwork results from TBS, conducted in respect of mainly drill samples taken over the full length of our 10km of mineralised coastline, are very much in line with and reinforce the excellent THM grades achieved in our 2017 testwork,” said executive chairman George Frangeskides.
“These results, achieved in our first full-field season at TBS, give us great confidence as we move forward with our plans this year.
“Further testwork and independent resource estimation work are being undertaken, and we will announce the results of those further analyses as and when they become available.”
Shares rose 1.9% to 0.24p, valuing the company at £7.7mln.